There have also been talks of setting up mining operations in the country and allowing investors with 3 BTC or more to take up El Salvadoran residency, prompting other Central American countries to signal interest in following their lead.
All in less than a week, whereas something similar would take years in other countries wrapped up in bureaucracy.
Then there is Michael Saylor and MicroStrategy raising more funds to buy bitcoin, and with the interest in the bonds they’re issuing being sky-high, there were rumors that the Fed would buy some as well.
Not to mention Elon Musk is involved, who has proven time and time again that he might not have Bitcoin and the community’s best interests at heart.
The International Monetary Fund has been vocal about their disapproval of El Salvador’s bitcoin adoption and it’s likely that they are going to seek ways of attacking bitcoin and anyone associated with it, especially to dissuade more countries from following in El Salvador’s footsteps.
This soft fork will expand on Bitcoin’s smart contract flexibility, while offering more privacy in doing so, as covered in an extensive piece back in 2019.
The country’s plans to enable 100% clean bitcoin-mining through it’s geothermal volcanic power plants will quiet the haters who have claimed bitcoin mining to be a large contributor to climate change and will pave the way for more miners to adopt green mining initiatives.
With US inflation hitting highs not seen since 2008, developing nations that have grown reliant on the US dollar as a reserve currency and hedge against inflation in their own countries are likely to favor bitcoin in the months and years ahead.
The price may not yet reflect that yet, and maybe won’t for a while, but Bitcoin is certainly becoming a household name and we are still in the early days.